Omoluabi Bank Grows Earnings by 70% in 2017 


    Omoluabi Mortgage Bank Plc has declared a profit after tax of N173,462,487 million  for  the 2017 financial year.

    The bank also recorded an increase in its gross earnings by 70.39% from N304 million in 2016 to N518 million and grew its total assets from N3.3 billion in 2016 to N4.2 billion in 2017. Similarly, shareholders’ funds grew from N2.4 billion in 2016 to N2.6 billion in 2017.

    The bank’s performance was announced at its annual general meeting (AGM), which held in Osogbo, Osun State, recently.

    Chairman, Board of Directors of the bank, Alhaji Adebayo Jimoh hinged the bank’s brilliant performance on the hard work and commitment of the management team and employees, stating that the year posed a big challenge to the company as a result of the harsh economic and operating environment prevalent in the mortgage banking industry.

    He also attributed the impressive performance of the bank in the out gone year to some changes made to strengthen the company through a change in structure and improvement in capacity to reflect current best practices in the industry.

    The Chairman pledged that the bank would continue to adapt to environmental changes with the unalloyed commitment, support and loyalty received from both internal and external stakeholders.

    The 2018 AGM saw the approval of the appointment of Mrs. Olaitan Aworonke, who was the former Group Head, Operations and Business Development as a newly elected director. Also, the Board’s proposal for the distribution of profits through a dividend of one kobo per share was approved.

    The shareholders also commended the bank’s outstanding performance in 2017.